Bitcoin defies max pain theory ahead of massive 10 billion options expiry

Bitcoin is trading way off the script as it barrels toward a massive $10 billion quarterly options settlement. For weeks, traders pointed to the $72,000 'max pain' point—the price level where the most options contracts expire worthless—as a magnet that would pull prices higher before the deadline. It's not happening. Instead, the market is snubbing the theory, with BTC stuck well below that target just 24 hours before Deribit and other exchanges settle the books. This divergence suggests that spot market selling pressure or macro fears are currently outweighing the Greeks. When the $10 billion cliff hits on Friday, the lack of a late-stage rally could trigger even more volatility as dealers rebalance their hedges. If the magnet has lost its pull, what does that say about the conviction of the current bull run?